We tend to index what has worked before. The future often rhymes but doesn’t repeat the past. Looking back on the past decade, one can observe how cloud and mobile have created massive companies and crowned multiple venture funds as beneficiaries. However, one needs to consider that these markets might have matured and are not as high-volatility... See more

The last 12 years were "up and to the right". It’s easy to make IRRs work really well in a 12-year bull market but VCs have to make money in good markets and bad.